{"id":2073624,"date":"2023-10-20T01:15:02","date_gmt":"2023-10-20T05:15:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/costco-announces-new-ceo-as-craig-jelinek-steps-down-after-11-years\/"},"modified":"2023-10-20T01:22:30","modified_gmt":"2023-10-20T05:22:30","slug":"costco-announces-new-ceo-as-craig-jelinek-steps-down-after-11-years","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/costco-announces-new-ceo-as-craig-jelinek-steps-down-after-11-years\/","title":{"rendered":"Costco&#8217;s CEO Craig Jelinek steps down after 11 years; new CEO announced."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcostco-announces-new-ceo-as-craig-jelinek-steps-down-after-11-years%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2073624&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Costco CEO W. Craig Jelinek Steps Down After 11 Years<\/h2>\n<p>In \u2062an exciting announcement, Costco revealed on Wednesday \u2064that its Chief Executive Officer, W. \u200bCraig\u2064 Jelinek, will be\u2062 stepping \u200bdown after more than a decade at the helm. This change in leadership marks a significant transition \u200cfor the company.<\/p>\n<p>Replacing Jelinek \u200cwill be Ron Vachris,\u200d Costco&#8217;s current President\u200b and Chief Operating Officer. Vachris, who has been with the company for over 40 years, was promoted to his current position in 2022, making him the obvious choice as Jelinek&#8217;s successor. This is not the first time that Costco has chosen an insider to \u200clead the company, as co-founder and former CEO James Sinegal also came from within the organization.<\/p>\n<blockquote>\n<h2>Related Stories<\/h2>\n<ul>\n<li>\n<h3>ANALYSIS: Buyers Snapping Up Costco\u2019s Gold Bars Signals Growing Economic Anxiety, Shift Toward Hard Assets<\/h3>\n<p>10\/12\/2023<\/p>\n<\/li>\n<li>\n<h3>Costco Clamps Down on \u200bMembership Card Sharing at Self-Checkout<\/h3>\n<p>6\/28\/2023<\/p>\n<\/li>\n<\/ul>\n<\/blockquote>\n<p>Vachris has an impressive history with Costco,\u200b starting as a forklift driver and working his way up to management. \u2062The company, \u2064based \u200bin Issaquah, Washington, praised his extensive experience \u200bin \u2062various roles related to Costco&#8217;s \u200cbusiness operations and merchandising activities.<\/p>\n<p>This leadership transition is the result of\u200b a well-planned\u2064 succession strategy that Jelinek had\u2063 discussed with the board. The change will officially\u200d take effect on January 1st.<\/p>\n<p>Jelinek, who has \u200bbeen CEO since 2012, is\u200d stepping down after overseeing a period of remarkable sales \u2063growth for the \u2062members-only warehouse chain. Although he will \u2062remain with \u2062the company in an advisory role until April and continue as a member of Costco&#8217;s board,\u200d this marks the end of his tenure.<\/p>\n<p>During Jelinek&#8217;s time as CEO, Costco&#8217;s stock has \u2062skyrocketed, increasing five-fold. This impressive performance\u2062 is\u200d a testament to \u200bhis leadership and the company&#8217;s success under his guidance.<\/p>\n<div class=\"post-figure\" style=\"margin-left:0;margin-right:0;max-width:1200px\">\n<figure style=\"width:640px;margin-left:auto;margin-right:auto\" class=\"alignnone\"><figcaption>Shoppers peruse a display of Rainer cherries at a Costco warehouse in Sheridan, Colo., on \u200bJuly 11, 2023. (David Zalubowski\/AP Photo)<\/figcaption><\/figure>\n<\/div>\n<div class=\"my-5\">\n<p>In a 2017 joint interview with <a href=\"https:\/\/retailleader.com\/keepin-it-simple\" target=\"_blank\" rel=\"noopener\">Retail Leader<\/a>, Vachris and Jelinek emphasized their hands-on\u200c approach to running the\u200b company.<\/p>\n<\/div>\n<p>&#8220;We really run the company from being in the field,&#8221; Vachris stated. He highlighted the importance \u2063of experiencing the warehouse firsthand to understand \u2064how the company presents itself, gather member feedback, and assess packaging, sizing,\u2062 and color choices.<\/p>\n<div class=\"my-5\">\n<p>Last month, Costco reported strong\u200b performance in its latest\u200b fiscal quarter, with net sales reaching $77.4 billion,\u2064 a 9.4 percent year-over-year increase. This achievement solidifies Costco&#8217;s position as the third-largest retailer in the \u200cUnited States, trailing behind Walmart and Amazon.<\/p>\n<\/div>\n<p>With 861\u200d warehouses worldwide, including 591 in the United States and Puerto Rico,\u2064 Costco boasts an extensive presence. Its \u200cmembership model has contributed to its success, with approximately \u206466 million\u200c paid members and 119 million cardholders in 2022. Despite competitors like Amazon and Sam&#8217;s Club raising their membership fees, Costco has not increased its prices \u2063since 2017. \u2064However, the\u200b company has hinted at a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/costco-announces-new-ceo-as-craig-jelinek-steps-down-after-11-years\/\" title=\"Costco's CEO Craig Jelinek steps down after 11 years; new CEO announced.\">potential future price adjustment<\/a>.<\/p>\n<p>This membership-based approach has been\u200d crucial to Costco&#8217;s growth, especially during the pandemic when consumers\u2064 sought affordable options for daily essentials.\u2063 The \u2063fees collected from members help boost the company&#8217;s profits and offset expenses, allowing Costco to maintain its reputation for offering\u2064 some of the lowest prices in the retail industry.<\/p>\n<div class=\"my-5\">\n  <em>CNN Wire contributed to this report.<\/em>\n<\/div>\n<p> <\/p>\n<h2> How has Costco&#8217;s business model\u200d contributed to its success under Jelinek&#8217;s leadership?<\/h2>\n<p><span>  100%;margin-bottom:20px&#8221;><img decoding=\"async\" src=\"https:\/\/images.unsplash.com\/photo-1542626997-7c1fb9f3500c\" alt=\"Costco Warehouse\" style=\"width:100%\"><\/figure>\n<\/div>\n<p>Under Jelinek&#8217;s leadership, Costco has\u200d focused on \u200bproviding \u200bhigh-quality\u200c \u200cproducts at\u2009affordable \u200bprices\u200b,\u200b\u200c and \u200bhas been committed to taking care of its employees. The company\u2062 has been consistently ranked as \u2063one of the best places \u2063to work and has maintained a \u200dloyal customer \u2063base.<\/p>\n<p>During the COVID-19 pandemic, Costco faced numerous challenges,\u200d <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gas-prices-break-record-for-third-time-in-2022\/\" title=\"Gas Prices Break Record for Third Time in 2022\">including supply chain disruptions<\/a> and increased demand for essential items.\u200c However, Jelinek&#8217;s leadership ensured that the company navigated these challenges successfully, implementing safety protocols and adapting to the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ohio-state-university-hosts-sex-week-sponsored-by-planned-parenthood\/\" title=\"Ohio State University Hosts \u2018Sex Week\u2019 Sponsored By Planned Parenthood\">changing landscape<\/a> of retail.<\/p>\n<p>As Vachris\u2063 takes on the\u200b role of CEO, he \u200dwill be responsible for \u2064guiding Costco through the next phase of its growth. With his deep understanding of the company and its values, Vachris is expected \u200cto build upon Jelinek&#8217;s legacy and\u200c continue\u2062 to drive Costco&#8217;s success.<\/p>\n<p>Costco is known for its unique business model,\u2009\u200c which\u200acombines a \u200bmembership-based model with a focus on bulk purchasing. This model has proven\u200b to \u2064be highly successful, and the company has continued to expand \u200bboth domestically\u200c and internationally\u200c under Jelinek&#8217;s leadership.<\/p>\n<p>As Jelinek\u2064 steps down and Vachris takes the reins, \u200bCostco is well-positioned for\u200d continued growth and \u200bsuccess. With their unwavering commitment to \u200b<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/esg-what-it-is-and-how-it-affects-you-even-if-you-dont-realize-it\/\" title=\"ESG: Its impact on you, whether you know it or not.\">providing quality products<\/a>, a positive work\u200d environment, \u200cand excellent \u200dcustomer service, Costco\u2063 is expected to thrive\u200c under new leadership.<\/p>\n<p>This \u2064leadership transition comes at an\u2009exciting time for Costco, as it continues to innovate and\u200b adapt to the changing\u2062 retail landscape. With new technology and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/family-owned-yuengling-wants-its-fair-share-of-the-bud-light-debacle\/\" title=\"Yuengling, a family-owned brewery, seeks its fair share in the Bud Light controversy.\">changing consumer preferences<\/a>, Costco is \u200dpoised to take advantage of emerging opportunities and drive further growth in the coming years.<\/p>\n<p>As Jelinek prepares to pass the torch to Vachris, his influence and impact on\u200d Costco&#8217;s success will not be forgotten. His leadership\u200b and strategic vision have helped shape Costco into the thriving company it \u200dis \u2064today.<\/p>\n<p>With\u200d Vachris at the helm, Costco will continue to uphold its \u200dcommitment to \u2064its members and employees, ensuring that it remains a leader in the \u200dretail industry.<\/p>\n<p>As Jelinek steps back \u200bfrom his role as CEO, \u200bthe \u200bresolution and determination he has displayed throughout his tenure will continue to\u2064 be an inspiration to Costco&#8217;s employees and stakeholders. His legacy will live on as Costco continues to thrive \u200cand adapt to the ever-changing retail landscape.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Costco&#8217;s CEO, W. Craig Jelinek, is leaving his position after over 11 years. Ron Vachris, the company&#8217;s president and COO, will take over. Vachris has been with Costco for 40 years and was recently promoted to his new role.<\/p>\n","protected":false},"author":2052,"featured_media":2073625,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2073624","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2073624","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2052"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2073624"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2073624\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2073625"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2073624"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2073624"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2073624"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}